Financial Planning Software Market is valued at 764 million USD in 2016 and is expected to reach 1696 million USD by the end of 2022

United States will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Financial Planning Software. Europe also plays important roles in global market, with market size of 191 million USD in 2016 and will be 521 million USD in 2022, with a CAGR of 18.17%.

Based on a report added on Radiant Insights, Inc.; the global financial planning software market is expected to touch USD 1,696 million by 2022. It is estimated to exhibit a remarkable growth rate of 14.23% from 2016 to 2022. Financial planning software is designed to assist consumers in financial planning and wealth management. Other uses include asset management, data warehousing, and management of funds.

Rise in number of retiring personnel globally and changing economic policies related to tax incentives is projected to drive market growth over the forecast period (2012 to 2022). The capacity of the software to accurately predict financial outcomes based on various plans and region-wise policies can attract consumers. Rise in adoption of smartphones and easy-to-digest advice available on the Internet can lead to the development of mobile applications for financial planning. Various investment options offered by the software and its user-friendly interface are ensured to drive adoption rates during the forecast period.

Technology is being leveraged by financial management companies to cater to their growing client base. The recession in 2008 had negatively affected the market but the introduction of robot advisors have managed to gain back client trust. These digital advisors can be used to create investment portfolios using algorithms and investment trends. The trend is best supported by Betterment and Wealthfront, automated financial service providers that managed to attract millennials. The emergence of cryptocurrency and various business models pertaining to goals or cash flow are expected to open up new avenues for growth.

The worldwide financial planning software market is segmented by region. Regions covered in the market report include United States (U.S.), India, China, Southeast Asia, Europe, and Oceania. The India, China, and Southeast Asia markets are projected to grow exponentially due to the developing economies and a larger consumer base. The U.S. market is expected to thrive due to the near-retirement date of the baby boomer generation and increasing populace of generation X and millennial investors. The tech-savvy nature of these consumers and their openness on various digital channels can provide growth opportunities for the regional market.

The Europe financial planning software market is projected to touch USD 521 million by 2022, expand at a CAGR of 18.17% from 2016 to 2022. It is driven by the financial crisis caused by Brexit and emergence of small and medium enterprises due to the advent of information technology. The use of personal financial management solutions by its consumers can drive consumer demand till 2022. The move to online banking by various consumers and demand for financial mobile applications is expected to open up new avenues for the regional market.

Key players in the financial planning software market include Moneytree, Inc.; Advisor Software, Inc.; Advicent Solutions, L.P.; Wealthcare Capital Management LLC; and eMoney Advisor, LLC. Collaborations are a common trend witnessed in the market to expand the consumer base. For instance, Trust Company of America is collaborating with RightCapital to use the latter’s software to develop financial plans which can result in high gains for their clients. The financial advisors can run simulations and stress tests to create accurate financial management plans.